Panattoni, a major logistics real estate developer in the UK and Europe, has unveiled plans for a £135 mln (€160 mln) speculative logistics development in Coventry.
The net zero carbon development, called Panattoni Park Coventry, will be located on a 47-acre (19 ha) site by junction 3 of the M6, which Panattoni has just acquired from L&Q Estates.
The site has outline planning consent for 600,000 ft2 (55,700 m2) of logistics space. Panattoni will develop the largest unit of 540,000 ft2 and has the opportunity to develop two further units of 40,000 ft2 and 20,000 ft2.
Panattoni Park Coventry is located in the UK's logistics golden triangle, adjacent to junction 3 of the M6 and with good communication links to the M1 and M69 motorways. There is an additional eight-acre parcel of land as part of the outline planning consent, which has been acquired by Taylor Wimpey.
The site acquisition is part of Panattoni’s strategy, which focuses on speculative development in areas where there is a critical shortage of space and significant rental growth potential.
Gregg Titley, head of development East and West Midlands at Panattoni, said: 'This is a rare opportunity for us to acquire a prime development site in the Golden Triangle. There is a lack of supply of large logistics units of 500,000 sq ft plus in the region, while demand remains strong.'
L&Q Estates and the landowners were advised by Holt Property.
